Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina Technical Report Effective Date: October 31, 2017 Prepared by Eric Chapman, P.Geo. Vice President of Technical Services - Fortuna Silver Mines Inc. Edwin Gutierrez, SME Registered Member Technical Services Manager – Fortuna Silver Mines Inc. Geoff Allard, PE Consultant – Allard Engineering Services LLC Denys Parra Murrugarra, SME Registered Member General Manager – Anddes Asociados S.A.C. Suite 650, 200 Burrard Street, Vancouver, BC, V6C 3L6 Tel: (604) 484 4085, Fax: (604) 484 4029 Fortuna Silver Mines Inc.: Lindero Property Technical Report Date and Signature Page Technical Report Fortuna Silver Mines Inc.: Lindero Property, Salta Province, Argentina Effective date of this report is October 31, 2017 Issued by: Fortuna Silver Mines Inc. Eric Chapman 31st October 2017 [signed and sealed] Date Edwin Gutierrez 31st October 2017 [signed] Date Geoff Allard 31st October 2017 [signed] Date Denys Parra Murrugarra 31st October 2017 [signed] Date October 31, 2017 Fortuna Silver Mines Inc.: Lindero Property Technical Report Contents 1 Summary ......................................................................................................................... 22 Introduction .................................................................................................... 22 Property description, location and ownership ................................................ 22 History ............................................................................................................ 23 Geology and mineralization ............................................................................ 24 Exploration, drilling and sampling ................................................................. 26 Data verification ............................................................................................. 28 Mineral processing and metallurgical testing ................................................. 28 Mineral Resources and Mineral Reserves ...................................................... 30 Mining methods .............................................................................................. 31 Recovery methods .......................................................................................... 32 Project infrastructure ...................................................................................... 33 Market studies and contracts .......................................................................... 33 Environmental studies and permitting ............................................................ 34 Capital and operating costs ............................................................................. 35 Economic analysis .......................................................................................... 35 Other relevant data and information ............................................................... 36 Conclusions, risks, and opportunities ............................................................. 36 Recommendations .......................................................................................... 38 2 Introduction .................................................................................................................... 40 Report purpose ................................................................................................ 40 Previous technical reports ............................................................................... 40 Scope of personal inspection .......................................................................... 41 QP responsibilities .......................................................................................... 41 Effective dates ................................................................................................ 42 Information sources and references ................................................................ 42 3 Reliance on Other Experts .............................................................................................. 44 4 Property Description and Location ................................................................................. 45 Property and title in Argentina ....................................................................... 45 Mineral title administration ........................................................................ 45 Mineral title types ....................................................................................... 47 Surface rights .............................................................................................. 47 Environmental regulations .......................................................................... 47 Tenure ............................................................................................................. 49 October 31, 2017 Fortuna Silver Mines Inc.: Lindero Property Technical Report Surface rights .................................................................................................. 50 Royalties ......................................................................................................... 51 Environmental aspects .................................................................................... 51 Permits ............................................................................................................ 52 Comment on Section 4 ................................................................................... 52 5 Accessibility, Climate, Local Resources, Infrastructure and Physiography ................... 53 Access ............................................................................................................. 53 Climate ............................................................................................................ 53 Topography, elevation and vegetation ............................................................ 54 Infrastructure .................................................................................................. 54 Sufficiency of surface rights ........................................................................... 55 Comment on Section 5 ................................................................................... 56 6 History ............................................................................................................................ 57 Ownership and exploration history ................................................................. 57 Prior Mineral Resources and Mineral Reserve estimates ............................... 58 7 Geological Setting and Mineralization ........................................................................... 59 Regional geology ............................................................................................ 59 Local geology ................................................................................................. 60 Lindero Deposit .............................................................................................. 61 Lithology .................................................................................................... 61 Alteration .................................................................................................... 65 Structural setting ......................................................................................... 66 Mineralization ............................................................................................. 66 Hypogene mineralogy................................................................................. 67 Vein types ................................................................................................... 68 Relationship between intrusive phases and mineralization ........................ 69 Oxidation and supergene effects ................................................................. 70 Evolution of the system .............................................................................. 71 Arizaro Deposit ............................................................................................... 75 Local geology ............................................................................................. 75 Lithology .................................................................................................... 77 Alteration .................................................................................................... 78 Mineralization ............................................................................................. 79 Comment on Section 7 ................................................................................... 80 8 Deposit Types ................................................................................................................. 81 Mineral deposit type ....................................................................................... 81 October 31, 2017 Fortuna Silver Mines Inc.: Lindero Property Technical Report Tectonic setting and age ............................................................................. 82 Host rocks ................................................................................................... 82 Ore and gangue mineralogy and texture ..................................................... 82 Wall rock alteration .................................................................................... 82 Structural setting ......................................................................................... 82